Don’t rush. ING has until 2013 to exit its insurance business, to comply with European Commission rules on state aid. Brussels’ drastic remedy merely accelerates the “back to basics” plan of Jan Hommen, chief executive. But he can ill afford to let the pressure deter him from maximising value for shareholders. After all, ING’s imminent €7.5bn rights issue will repay only half the €10bn of state assistance received, after settlement of a €1bn premium and a further payment for the guarantees. ING needs the insurance proceeds to clear the rest, along with €10bn of group debt.

Fortune has so far smiled upon Mr Hommen: fewer write-downs meant insurance activities delivered better third quarter net income of €514m. Moreover, he is short of neither time nor options. The latter range from an initial public offering to a piecemeal sale of local businesses.